Cloud startup Vlocity raises $42 million led by Salesforce Ventures
Industry cloud startup Vlocity has raised $42.8 million in a funding round led by Salesforce Ventures, with participation from Accenture.
Founded in early 2014, Vlocity has honed in on the industry-specific cloud approach, with a portfolio built entirely on the Salesforce Customer Success Platform.
The San Francisco-based startup's Salesforce ties don't end there. Vloctiy was founded by veteran founders of Veeva Systems, a cloud spin out of the Salesforce platform company Verticals On Demand. Veeva went public in 2013 with a valuation of about $5 Billion.
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Still hungry for startup success, Veeva founders Craig Ramsey, Mark Armenante and Young Sohn, along with David Schmaier and Netsuite exec James Ramsey, started building Vlocity. The company's focus seems to be an extension of Veeva's, as it takes the industry-specific approach but to a broader selection of verticals.
Vlocity now offers three industry applications on the Salesforce AppExchange focusing on communications and insurance. The company's cozy Salesforce relationship also has the two firms set up in co-resident headquarters.
"Salesforce is partnering closely with Vlocity to build industry-specific cloud applications in target markets where customer-centric engagement is critical," said Tyler Prince, EVP, WW Alliances and Channels for Salesforce.
As for Salesforce Ventures, the investment arm of the CRM giant has been quite busy lately. Recent investments include the content marketing and engagement platform Livefyre, price-to-quote app maker SteelBrick, and predictive analytics player InsideSales.